Panama: Country Overview

How to immigrate to Panama with Pallas

At Pallas, we provide a range of tailored services to support you by making your immigration and your overall arrival in Panama as smoothly as possible. We support you with permanent residency by investment, also called “Qualified investor’s visa” for individuals seeking a quick way to long-term residence, residency for pensioners specifically aimed at retirees and their partners, and tax residency for freelancers and entrepreneurs seeking financial freedom. These bespoke programs cater to families, entrepreneurs, and anyone eager to start a new life chapter in Panama. What makes the difference at Pallas is that we not only provide you with the legal service of immigration, but also we help you with everything else an immigration lawyer usually wouldn’t help you with, such as: Opening a bank account in Panama, airport pickup, personal guidance through the whole process, help with booking and planning your stay, guidance on how to best enjoy Panama, consulting about the real estate market, introduction into Panamanian society and business networking. We are jumpstarting your life in Panama.

Living in Panama between beaches and mountains

Living in Panama, you are always close to the next beach. In fact Panama beaches are amongst the most beautiful and diverse in the world: You can find both white Maledives-style beaches, for example at the San Blas islands or at Las Perlas islands or black volcanic Bali-style beaches at Playa Venao. Nature in Panama has it all! From the highlands in Boquete area, where many think living in Panama as an American or Canadian is best due to the more temperate climate, down to the surfer beaches of Los Santos where many expats, digital nomads and freelancers enjoy not only waves, but also the legendary beach parties in Panama. Explore Panama as a tourist first The first step before getting a bank account or a permanent residence permit in Panama is for most people to get to know the country. That’s best done during a holiday. Panama’s resorts, are starting in Panama City itself and stretching along the Pacific coast towards the west: Playa Caracol, Coronado, Playa Blanca, Bijao Beach Resort, Buenaventura, Pedasi, Playa Venao and Cambutal, just to mention a few. But also the Carribbean side of the country has some places to offer for a legendary Panama vacation, such as: Playa Escondida which is not far from Panama City, or the many vacation resorts in the Bocas del Toro area near Costa Rica. Contact us, to get free guidance on your holiday planning and advice how to prepare if you spontaneously want to decide to do your immigration during your stay.

Panama’s capital, Panama City, with it’s old town “Casco Antiguo”

In contrast to the mountains, beaches and tropical nature in Panama, the capital is a modern city with both skyscrapers and a historic old town; Casco Antiguo, Panama City. Also called “Casco Viejo” it is a UNESCO World Heritage site with many rooftop bars. Right there you can see both the Panama canal, as well as the skyline of the city while having a rooftop party in Panama. Whether it’s just for a holiday or the start of your relocation, the Republic of Panama is welcoming you always with tropical temperatures and sunshine.

Panama for real estate investment

The real estate market is for many the main reason for relocation to Panama. Why is that? Real estate had a slow start in the country after the panama canal was completed and drawing in more and more Americans and Canadians to live and work in Panama. Already in the 1980s and 1990s more properties were being developed due to Panama’s rising financial industry. However, the large real estate boom in Panama started after 2008, while the economy in Venezuala stagnated. Back then Panama only had 3.5m inhabitants, now in the year 2024 Panama’s population is at around 4.5 million. A big part of this significant increase is due to many companies and wealthy individuals migrating from Venezuela to Panama during the last 15 years. The whole part of Panama City called “Costa del Este” is dominated by Venezuelian property developers. Contact us directly to learn more about the property market.

Panama housing prices compared to the USA or Canada

The property boom in Panama lead to an oversupply of apartments being build within Panama City area up until the start of the Covid19 Pandemic. This oversupply is still not sold yet, which is setting average square meter prices for apartments in the capital of Panama right now still low in between $2,200 and $2,400 USD ($204-$222 per sqft). At the same time average square meter prices for apartments in Vancouver are at around 6x times higher ($11,600 per sqm).

Economic growth and quality of life

With a GDP of $87.2 billion and a per capita income higher than that of Russia and Mexico, Panama stands out as an economic powerhouse comparable to European nations like Luxembourg and Croatia. The country’s GDP growth rate of 6.0% in 2023, along with a steady forecast of 4.0% for the upcoming years, shows how well the economy is doing. Panama’s low average price per square meter in the captial creates attractive gross rental yields ranging from 7.8% to 8.9%. These factors, combined with a territorial tax law that favours both local and foreign investors, make Panama an appealing destination for investors, entrepreneurs, families and retirees.

A safe and free country

Panama’s ranking as the 49th safest country globally, according to the Legatum safety ranking. It’s a peaceful society where you generally trust even strangers. The absence of a military since 1990 and its status as a neutral country shows Panama’s commitment to peace and stability. Furthermore, Panama’s high freedom score of 83/100 reflects its dedication to preserving individual liberties and fostering a democratic environment. Conclusion: Embrace the Panama lifestyle Panama offers an unparalleled lifestyle that combines the tranquility of paradise with the opportunities of a thriving economy. From its strategic Panama Canal to its luxurious Panama beaches, living in Panama means experiencing the best of both worlds. Whether you’re an expat looking for a new home, a nature lover in search of adventure, or someone seeking the thrill of the party scene in Panama, this country has something to offer. Contact us to get started and to discover Panama. Pallas is ready to help you with everything you need.